Tossing up whether to start a new game tonight, and if I do when I take over the club I will do my own maths on the wage budget and just have to try and keep it lower so to ensure the club doesn't go down financially and then work from there...going to be tough to get players in...might have to find an amateur club ;)
Always my first aim in FM is to make a profit and not get relegated. usually get rid of any higher wages and bulk up on cheap young talent. Develop for 2-3 years, start making profit and expand the club/move up the league tables.
In saying that i'm on FM 12, and i just got picked up by Everton (following winning the SPL with Aberdeen and gaining re-promotion for QPR, although they are going to be relegated) and am in $20mil debt with 94mil bank loan to repay back. Might be a struggle.
5 year contracts for 19/20 year olds are a good way of keeping wages down for a while.